Tesla has failed to meet its goal of "slight growth" in sales for 2024.

The latest figures released Thursday show that Tesla produced 459,445 units and delivered 495,570 in the fourth quarter of 2024.

Of those, 471,930 units were delivered of the two main models, the Model 3 and Model Y.

Tesla's deliveries for the fourth quarter of 2024 missed Wall Street's expectations, with analysts previously predicting 498,000 units.

For the full year 2024, Tesla produced 1,773,443 electric vehicles and delivered 1,789,226 units, down 1.1% from deliveries of 1,808,581 units in 2023.

This is Tesla's first year-over-year sales decline since 2015, and below analysts' widely-expected 1.8 million units.

Tesla CEO Elon Musk had previously said that Tesla's 2024 sales would be slightly higher than 2023, with "slight growth."

Affected by the lower-than-expected deliveries, Tesla shares fell 6.08% on Thursday, erasing $78.8 billion in market capitalization.

Despite the decline in deliveries in 2024, Tesla's performance in the Chinese market exceeded expectations.

According to the China Passenger Car Association (CPCA) data and media data estimates, Tesla's China sales reached 83,000 units in December 2024, up 12.8% from the previous month, and annual sales exceeded 657,000 units, up 8.8% year-on-year, both of which were record highs.

Tesla kicked off several rounds of promotions in China last year, and year-end offers for its best-selling Model Y brought the starting price of the Model Y rear-wheel-drive version down to 239,900 yuan, setting a record for the model's lowest price in global markets.

However, the sales stimulus from the price cut promotion is limited, and Tesla is currently facing sluggish growth with its aging mainstay models.

Musk predicted that Tesla's car sales would grow 20% to 30% in 2025 at its earnings call in late October.

Tesla will launch a new model called "Model Q" in the first half of 2025, and the pricing will be less than $30,000 after subsidies.